Taxation-AW-Q331 Online Services
For the following transactions, determine whether they are allowable deductions or not for tax purposes
- Express Ltd obtains a loan to purchase a new courier car for their business and incurs interest on the loan totalling $25,000.
- Nicola is an employee of Express Ltd and incurs petrol costs on driving to and from work.
- Rebecca is reviewing her accounts receivable for the income year and concludes that 5% of the total debts, being $2,500, should be classified in the accounts as doubtful debts.
- Phone Co Ltd incurs legal costs in attempting to takeover Telecom.
When are the following receipts (Income) taxable and payments (Expense) deductible for income tax purposes?
|Accident compensation payments|
|Accountancy fees paid|
|Bad debts expected to be written off (doubtful debts)|
|Bad debts written off|
|Compensation and damages received|
|Demolition of a building|
|Dividends received from a foreign source|
|Dividends received from a NZ source|
|Entertainment expenses (dinner with clients)|
|Fringe benefits provided|
|Fringe benefit tax paid on benefits provided to staff|
|Goods and services tax received and paid|
|Goodwill paid on the sale and purchase of a business|
|Home office expenses|
|Insurance premiums paid|
|Interest received from a foreign source|
|Interest received from a NZ source|
|Legal expenses paid|
|Loose tools purchased|
|Rates paid on business premises|
|Repairs and improvements|
|Research and development expenditure paid|
|Salaries and wages paid to staff|
|Salaries, wages and bonus paid to staff after balance date for a pay period ending before balance date|
|Salary paid to shareholder-employee of family company|
|Sales of goods, including sales not paid as at balance date|
|Sales of services, including sales not paid as at balance date|
|Vehicle running expenses|
|Wages paid to spouse for office work|
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State which or what part of the following expenses are deductions.
|An amount paid to a solicitor for preparing a business partnership deed.|
|The travel expenses of a self employed lighting engineer who travels overseas to purchase some new equipment.|
|The costs incurred by a freight forwarding company in reconstructing a public access road, converting it from a gravel road to charcoal road.|
|Newspapers purchased by an accountant who advises clients on financial and investment matters.|
|The cost of food and veterinary services in respect of three dogs used by a towing firm as watch dogs.|
|The payment of a pension to the widower of a deceased employee seven months after her death.|
|Payment of fines by a trucking firm imposed for exceeding its authorised loads under the Transport Act 1962.|
|Costs of revaluing assets to adjust insurance cover.|
|Wages to the spouse of a managing director for secretarial duties performed.|
|The travel costs of an Auckland accountant, travelling to take up a winter job as a ski instructor.|
|Penalties for late payment of provisional tax.|
|Demolition costs of the old office block (not a temporary building).|
|Accident compensation levy.|
|The cost of erecting a hoarding for advertising the company’s products.|
|Cost of installing a leased computer.|
|The legal costs incurred in acquiring the lease of new premises.|
|The cost of demolishing a temporary building erected by a builder on a construction site.|
|Legal costs associated with a contract to purchase trading stock|
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